divorce settlement I'm getting lump sum from her 401k and sale of home..what are my tax implications?

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divorce settlement I'm getting lump sum from her 401k and sale of home..what are my tax implications?

Im also getting spousal support which I understand is taxed...

2006-12-11 17:50:52 · 2 answers · asked by Anonymous in Family & Relationships ➔ Marriage & Divorce

2 answers

I believe that this depends on what state you live in as laws can be different in some states regarding assets. I would advise you to see a CPA or check with your local tax office (like H&R Block) and consult with them. They will charge a fee but it will be worth it and also you will have confidence knowing that your taxes and affairs have been handled by a professional. Good luck.

2006-12-11 18:45:59 · answer #1 · answered by Mom_of_two 5 · 0⤊ 0⤋

Get expert advice. Maybe you can transfer the 401k to an IRA with no immediate tax. Maybe the home sale can be tax free if you meet the requirements.

2006-12-12 02:00:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋